Raymond slips after weak Q1 performance

Raymond fell 4.33% to Rs 610.50 at 9:50 IST on BSE after the company reported a consolidated net loss of Rs 14.83 crore in Q1 June 2019 compared with a net profit of Rs 0.73 crore in Q1 June 2018.

The result was announced after market hours yesterday, 1 August 2019.

Meanwhile, S&P BSE Sensex was down 294.97 points or 0.80% at 36,723.35.

On BSE, 17,000 shares were traded in Raymond counter, compared to a 2-week average of 33,000 shares. The stock hit an intraday high of Rs 630 and an intraday low of Rs 610. It hit a 52-week high of Rs 884.85 on 21 December 2018 and a 52-week low of Rs 593.55 on 9 October 2018.

Consolidated net sales jumped 14.7% to Rs 1,435.12 crore in Q1 June 2019 over Q1 June 2018. Consolidated EBITDA fell 2% to Rs 105 crore in Q1 June 2019 over Q1 June 2018. The consolidated EBITDA margin slipped by 118 bps to 7.1% in Q1 June 2019 from 8.3% in Q1 June 2018.

Raymond's chairman and managing director, Gautam Hari Singhania, claims, We have delivered a healthy top line growth in a moderate quarter witnessing sluggish market conditions, subdued consumer sentiment and liquidity crunch impacting our trade channel. However, I am happy to state that our Real Estate business has witnessed a strong sales traction and we have received a good customer response. As the economy in general is showing the signs of muted growth in the short term along with weak consumer sentiments, we stay invested in our core fundamentals and expect to be on course during these testing times.

Raymond offers end-to-end solutions for fabrics and garmenting. It manufactures products like Raymond, Park Avenue, Raymond Ready to Wear, Parx and Color Plus amongst others. Raymond has retail networks in the textile and fashion space in India. As a part of the Raymond Group, it also has business interests in men's accessories, personal grooming & toiletries, prophylactics, files & tools and auto components.

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